VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Wednesday, January 7, 2026
Stevanato Group S.p.A.
STVN · New York Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Stevanato Group S.p.A. provides primary packaging (vials, syringes, cartridges, and ready-to-use systems) and related services for injectable drugs and diagnostics, and also sells engineering equipment (inspection, assembly, packaging/serialization, and glass converting). The moat is strongest in high-value solutions where regulatory qualification and switching costs, proprietary manufacturing know-how, and trusted quality systems support premium pricing. The core containment and delivery business is more competitive but still benefits from qualification friction and multi-year supply agreements. The engineering segment adds installed-base service revenue and cross-selling via an integrated one-stop-shop offering.
Primary segment
Other Containment and Delivery Solutions
Market structure
Competitive
Market share
—
HHI: —
Coverage
3 segments · 7 tags
Updated 2026-01-05
Segments
High-Value Solutions
High-value primary packaging and integrated solutions for injectable drugs
Revenue
38.3%
Structure
Oligopoly
Pricing
strong
Share
—
Peers
Other Containment and Delivery Solutions
Standard primary packaging and related services for injectable drugs and diagnostics
Revenue
46.3%
Structure
Competitive
Pricing
weak
Share
—
Peers
Engineering
Pharmaceutical production, inspection, assembly, packaging/serialization and glass converting equipment
Revenue
15.4%
Structure
Competitive
Pricing
moderate
Share
—
Peers
—
Moat Claims
High-Value Solutions
High-value primary packaging and integrated solutions for injectable drugs
Revenue share computed from FY2024 Form 20-F revenue breakdown: EUR 422.3m high-value solutions out of EUR 1,104.0m total revenue. Key glass tube suppliers disclosed in the same filing include Schott, NEG, Nipro, and Corning.
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
Primary packaging is part of the drug product and regulatory filings; changing suppliers requires customer re-qualification and time.
Erosion risks
- Dual-sourcing reduces lock-in
- Competing container formats/materials (polymer, alternative delivery)
- Major customers use purchasing leverage
Leading indicators
- Share of customer programs using Stevanato RTU formats
- Churn/qualification losses on new molecule wins
- Gross margin and price/mix in high-value portfolio
Counterarguments
- Large pharma can and does qualify multiple suppliers
- Competitors can replicate performance features with enough time and capex
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
High-value products rely on proprietary processes and specialized manufacturing; scale/capacity investments support innovation and delivery reliability.
Erosion risks
- Competitor capacity additions narrow supply tightness
- Process innovations diffuse over time
- Execution risk in ramping new plants/lines
Leading indicators
- Yield/scrap and customer complaint rates
- On-time delivery and capacity utilization at new sites
- R&D output (new platforms) and adoption
Counterarguments
- Large competitors can invest comparable capex and hire expertise
- Customer specs may standardize, reducing differentiation
De Facto Standard
Network
De Facto Standard
Strength
Durability
Confidence
Evidence
EZ-Fill ready-to-use systems are designed to be compatible with existing fill-finish lines; broad installed compatibility supports adoption inertia.
Erosion risks
- Alternative RTU standards from rivals gain adoption
- Equipment upgrades reduce compatibility advantage
Leading indicators
- Installed base of lines qualified for Stevanato RTU formats
- Share of RTU vs bulk formats in customer demand
Counterarguments
- Industry standard language is self-assessed; rivals also offer RTU platforms
- Fill-finish OEMs can support multiple RTU formats
Brand Trust
Demand
Brand Trust
Strength
Durability
Confidence
Evidence
In regulated injectable supply chains, long track record, reliability, and audited quality systems support preferred-supplier status.
Erosion risks
- Quality incidents/recalls damage reputation
- New entrants with strong QA win share
- Customer diversification away from single suppliers
Leading indicators
- Audit findings and recall/complaint metrics
- Top-customer retention and new molecule wins
- Net promoter / preferred supplier status (if disclosed)
Counterarguments
- Reputation can shift quickly after quality issues
- Big pharma will still pressure price even with trusted suppliers
Other Containment and Delivery Solutions
Standard primary packaging and related services for injectable drugs and diagnostics
Revenue share computed from FY2024 Form 20-F revenue breakdown: EUR 511.4m other containment/delivery solutions out of EUR 1,104.0m total revenue. Key glass tube suppliers disclosed in the same filing include Schott, NEG, Nipro, and Corning.
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
Even for more standard components, regulatory filings and qualification create switching friction and favor incumbent suppliers.
Erosion risks
- Standard components commoditize
- Customers qualify multiple suppliers
Leading indicators
- Customer concentration and multi-sourcing trends
- Pricing vs raw material inflation pass-through
Counterarguments
- Commodity products are easier to dual-source than specialized platforms
Long Term Contracts
Demand
Long Term Contracts
Strength
Durability
Confidence
Evidence
Multi-year master supply agreements and drug-life-cycle purchasing patterns provide revenue stability and reduce spot competition.
Erosion risks
- Contract renegotiations in downturns
- Customer destocking/inventory cycles
Leading indicators
- Backlog level and book-to-bill
- Renewal/price reset outcomes
Counterarguments
- Large customers can renegotiate pricing at renewal and shift volumes
Operational Excellence
Supply
Operational Excellence
Strength
Durability
Confidence
Evidence
Consistent global quality systems and high audit frequency support reliability and lower total cost of ownership for customers.
Erosion risks
- Quality failures reduce differentiation
- Rivals match QA and automation
Leading indicators
- Complaint rate, rejects, and on-time delivery
- Gross margin vs peers in commodity categories
Counterarguments
- Most credible suppliers in this industry run strong QA systems; excellence may not be unique
Engineering
Pharmaceutical production, inspection, assembly, packaging/serialization and glass converting equipment
Revenue share computed from FY2024 Form 20-F external customer revenue: EUR 170.3m out of EUR 1,104.0m total revenue.
Service Field Network
Supply
Service Field Network
Strength
Durability
Confidence
Evidence
Installed base of equipment drives recurring after-sales revenue (maintenance, spare parts, optimization, upgrades).
Erosion risks
- Third-party service providers capture service work
- Customers internalize maintenance capabilities
Leading indicators
- After-sales revenue mix within Engineering
- Installed base growth and service attach rates
Counterarguments
- Equipment buyers can multi-source service and spare parts depending on contract terms
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
Specialized know-how in GMP-compliant automation, inspection (incl. AI), and precision glass forming lines; project-based delivery capabilities matter.
Erosion risks
- Competing OEMs match features (AI inspection, modular lines)
- Project execution overruns hurt reputation
Leading indicators
- Backlog conversion and project margins
- Win rates on complex inspection/assembly programs
Counterarguments
- Automation/inspection markets have many capable vendors and rapid tech diffusion
Scope Economies
Supply
Scope Economies
Strength
Durability
Confidence
Evidence
Bundled offering across primary packaging + equipment + services enables cross-selling and one-stop-shop value proposition for customers.
Erosion risks
- Customers prefer best-of-breed point solutions
- Internal re-org disrupts cross-selling
Leading indicators
- Attach rate of equipment in accounts that buy packaging
- Engineering backlog sourced from existing packaging customers
Counterarguments
- Many customers separate equipment procurement from packaging sourcing to avoid vendor lock-in
Evidence
The containment and delivery solution is included as part of the regulatory filings required before commercialization.
Regulatory integration raises switching costs and extends qualification cycles.
Although changing providers can be a lengthy process for our customers...
Company describes time costs to change providers, supporting qualification-driven stickiness.
We rely on a unique set of proprietary manufacturing processes to drive product innovations...
Signals process know-how and manufacturing capability as a barrier to entry.
Due to the technical complexity...we enjoy premium pricing...
Premium pricing is consistent with differentiated products supported by know-how/capex.
...manufacturing technologies are the industry standard for ready-to-fill vials and cartridges...
Company asserts standard-like positioning and cites broad fill-finish line compatibility.
Showing 5 of 13 sources.
Risks & Indicators
Erosion risks
- Dual-sourcing reduces lock-in
- Competing container formats/materials (polymer, alternative delivery)
- Major customers use purchasing leverage
- Competitor capacity additions narrow supply tightness
- Process innovations diffuse over time
- Execution risk in ramping new plants/lines
Leading indicators
- Share of customer programs using Stevanato RTU formats
- Churn/qualification losses on new molecule wins
- Gross margin and price/mix in high-value portfolio
- Yield/scrap and customer complaint rates
- On-time delivery and capacity utilization at new sites
- R&D output (new platforms) and adoption
Curation & Accuracy
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